My first LV... speedy or neverfull?

Neverfull! My only minus for that bag is it's sort of open. No zipper. The Speedy on the other hand sags more, is restricted on your arm (ouch) unless you buy the strap, doesn't fully "open" to the point that you can see everything inside.
 
I have the neverfull and as much as I like it I would suggest the speedy as a first bag. The neverfull is very unstructured and the speedy is an icon....

If you would get the neverfull I would suggest the PM.